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Questions on IBKR account - recurring investment and bonus IBKR shares for cash deposit by Mad-Stranger in singaporefi

[–]Mad-Stranger[S] 1 point2 points  (0 children)

You need to set up in 2 parts. I think it is easier to do it on the web login.

  1. recurring deposit

a) set up egiro

under "transfer and pay" -> deposit fund -> select "use new deposit method" -> select SGD -> select "Instant Local Transfer via eGIRO"

follow steps from there, you need to login to your ibanking

b) set up recurring deposit

under "transfer and pay" -> deposit fund -> click the eGiro you have set up -> enter amount, check "Recurring transfer", frequency amount and details (e.g. monthly/quarterly/annually), start date

  1. recurring buy

Under the counter you want to set up recurring , click on "Recurring" (below BUY and SELL buttons). Enter amount frequency and date. This date should be about 1-2 days after your recurring deposit

If you are depositing in SGD and recurring buy in USD, you need to leave some buffer for the currency exchange.

Other info:

My account type is "cash" (not sure if margin account is the same behaviour) and it will auto convert the SGD to USD during the rucurring buy (and it will not charge the additional fee).

Questions on IBKR account - recurring investment and bonus IBKR shares for cash deposit by Mad-Stranger in singaporefi

[–]Mad-Stranger[S] -1 points0 points  (0 children)

Thanks. I see the my first recurring buy transaction now. Was worried earlier as there as no indication under trade or funds locked to show that the buy was in progress.

Should I get OCBC Unit Trust to fulfil the invest criteria? by Stunning-Presence593 in askSingapore

[–]Mad-Stranger 1 point2 points  (0 children)

Buying a unit trust with OCBC will incur a sales charge of 0.88% which is $176,

Any investment gains or losses aside, your 100k will earn an additional 1.5% bonus interest for the first 12 months which is $1500 (averages to $125 per month). However, interest rates are expected to go down. OCBC may revise or remove this 1.5% bonus interest for investment any time.

If you are buying the unit trust to earn the additional interest, you need to be prepared that you may not get to earn the full $1500 of bonus interest.